Our Mission is to Become America’s Most Respected
Medicare Insurance Brokerage …

Based on user reviews online, Colonial Penn appears to be a popular choice for those whose life insurance applications have been rejected because of their health status. In addition to offering guaranteed acceptance plans, it also has a 30-day try-it-on period, during which time you can decide to stay or go if you feel that the policy is not the right fit for you. 

This is what the company is most known for. If you are aged 50 to 85 years old, Colonial Penn offers insurance plans with guaranteed approval even without undergoing a medical exam. Simply put, even if you have an underlying condition, you will not be turned down and no questions about your health will be asked. This is possible because it comes with a two-year limited benefit period. Only after the initial two years have passed can you be eligible for a full payout on your coverage. Your monthly premiums will also be locked, which means it will never increase or decrease for as long as your policy is active.

Once you sign up for any plan, you are not locked in just yet. You will be given 30 days to test it out first, explore it and then decide if it’s the right one. If it isn’t, then you can cancel within 30 days from the date of activation and claim a full refund. Colonial Penn has a coverage cap of $50,000.

Note that guaranteed acceptance plans are available only to those aged 50 to 85. If you are in the 40 to 75 age range, you might want to consider its permanent whole life insurance programs, instead. 

Before you decide on a Medigap plan for you, find out first how your service provider sets its premium prices. There are three ways that insurance agencies determine their rates: based on the age you purchased the policy, based on your current age, and based on the prevailing community price. We break them down as follows:

Issue-age-rated: If you purchase your policy at 65, then the premium at the time you purchased it will prevail all throughout your lifetime. Fees will be fixed and will not increase as you get older. However, it will likely still increase a little due to inflation.

Attained-age-rated: This is based on your current age, which means it changes as you get older. The good thing about this pricing scheme is that you can start at a low rate if you sign up early. In the long run, though, this is still the most expensive. 

Community-rated: Prices will be the same as what everybody else is paying, regardless of age. Your monthly fees will not increase as you age, though it will still likely change a little factoring in inflation. 

Some insurance agencies offer discounts for couples who purchase individuals plans or if you enroll as a group with people you know. Some also provide special rates if you purchase a Medigap plan alongside another insurance policy that they offer. For example, a separate dental care plan. 

What Colonial Penn Medigap Plans Don’t Include

Medicare Supplement Insurance takes care of the part of the healthcare expense that Original Medicare will not pay for. For instance, if you get hospitalized, Medicare will first pay for the parts that it covers (based on its policies). Only then can Medigap start paying for the rest. In certain cases, policy holders end up with zero billing. 

Note that Medicare Supplements do not cover long-term care, dental or vision care, private duty nursing, hearing aids or eyeglasses. These will have to be paid for on your own or through a separate insurance plan that you purchase from a private agency. This exclusion policy is not exclusive to Colonial Penn, though, as it is applied across the board, regardless of the provider. If you want to have any of these coverages, it’s best to talk to your preferred agency if they offer such programs (and if they can offer special pricing for bundled purchases).